Finra Fines Santander Unit Over Puerto Rico Bond Sales

A unit of Spain’s Banco Santander SA agreed to pay roughly $6.4 million in a settlement with Wall Street’s self-regulator regarding supervisory failings tied to the sale of Puerto Rican municipal bonds, which have plunged in value in recent years.

The Financial Industry Regulatory Authority on Tuesday said Santander Securities LLC would pay a $2 million fine for supervisory failures related to sales of individual Puerto Rico bonds and closed-end funds, and for failing to reasonably supervise employee trading at the firm’s...